Korea to increase investments here

Korea is keen on on increasing investment for 2016 to 2018 from US $ 300 to US $ 500 million. The allocation of this investment would be directed to water supply, roads and energy.

Jung Sung-soo, representative of Korea EXIM Bank said at the

National Chamber of Commerce organised session on “Bilateral trade between Sri Lanka an Korea yesterday that they hope to increase investments in the megalopolis development projects as well.

Korea’s Ambassador in Sri Lanka, Won-sam Chang said mentioned in the session that in the year of 2015, 27 projects have been approved and the total commitment amount reached to US $ 606 million as of the year 2015.

He also mentioned that in terms of investment the countries has an imbalance and that a method to get more assistance would be to invest more.

Councillor Jun Ji-sun stated that the Korean government also has agreed to sign a Memorandum of Understanding investing on the megapolis projects which is under discussion.

It was mentioned by Koh Won-cheol representing of the Trade investment Promotion Agency Sri Lanka (KOTRA)that Sri Lanka should focus on reinforcing the manufacturing industry and expanding their market, improving SOC infrastructure, modifying human resource policies to improve FDI environment, develop computer administrative process with ICT and SME and MR E industries would be positive industrial policies for the future.

Currently around 116 projects are conducted by Korea in Sri Lanka and over 6000 Sri Lankan employees are working in South Korea.

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